MEDRAD expects to effect a merger of its subsidiary with and into Possis
Medical without a vote or meeting of Possis
Medical's shareholders as soon as practicable.
Medical's AngioJet thrombectomy system debuted in 1997, and several iterations have been released since then.
anticipates that sales returns will moderate as the Ultra System becomes the preferred thrombectomy system.
Medical, a pioneer in the field of thrombus removal, has recently merged with MEDRAD, the leader in diagnostic and interventional contrast injection.
Medical is a leading provider of mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins.
Specifically, the complaint alleges that Possis
failed to disclose and/or misrepresented to investors that: (1) despite representations to the contrary, AngioJet was not more effective than existing alternatives, including competing drug therapies, and did not reduce significant procedural complications or significantly increase positive benefits; (2) AngioJet could not be expanded as a "technology platform" because it was not effective for routine use in a broad range of heart attack patients and (3) Possis
could not maintain its projected revenue growth or achieve sustained revenue growth targets.
For the prior-year six months, Possis
reported a GAAP net loss of $60,000, including stock-based compensation expense of $1.
Bernstein also acknowledged that talks are being scheduled between Possis
management and at least two companies who have expressed an interest in the acquisition of Possis
Bernstein also acknowledged that multiple parties have expressed an interest in the potential acquisition of Possis
Medical, and the company is fielding these inquiries directly.
said that it has expanded its sales force to 87 members, up from 80 at the end of July.
MINNEAPOLIS, June 3 /PRNewswire/ -- Possis
MINNEAPOLIS, May 27 /PRNewswire/ -- Possis